Tax Rebates/Economic Stimulus Payments

Starting in May, one-time tax rebates will be sent to more than 130 million Americans. Single filers with adjusted gross income (AGI) below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200. Parents will also receive $300 rebates per child under 17. The rebate is a one-time tax cut and an advance on a credit to be applied on 2008 income tax returns. To receive the payment, one must file a 2007 individual income tax return:  the IRS will use information on the tax return to determine eligibility and calculate the amount of the payment. These payments are intended to stimulate the economy and stem the possibility of a recession.  Taxpayers should expect to receive their economic stimulus payments anytime May through July.